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Marketing Fundamentals CUSTOMER-DRIVEN

Marketing Fundamentals CUSTOMER-DRIVEN. Einstein created his theories not from experiments, but from thought problems. We’re not Einstein, but this section has more to do with philosophy than practice…. It purpose is to create a mindset…. Think of two occasions when you felt that you

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Marketing Fundamentals CUSTOMER-DRIVEN

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  1. Marketing Fundamentals CUSTOMER-DRIVEN

  2. Einstein created his theories not from experiments, but from thought problems.

  3. We’re not Einstein, but this section has more to do with philosophy than practice…. It purpose is to create a mindset….

  4. Think of two occasions when you felt that you were a valued customer. Why did you feel that way?

  5. Think of two occasions when you felt that you had a negative experience as a customer. Why did you feel that way?

  6. Fundamentals http://www.youtube.com/watch?v=KkBvzS_fJ2g&feature=player_embedded#

  7. The marketing conceptis the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today most firms have adopted the marketing concept, but this has not always been the case.

  8. In 1776 in The Wealth of Nations, Adam Smith wrote that the needs of producers should be considered only with regard to meeting the needs of consumers. While this philosophy is consistent with the marketing concept, it would not be adopted widely until nearly 200 years later.

  9. The Production Concept Can we produce the product? Can we produce enough of it? The Sales Concept Can we sell the product? Can we charge enough for it?

  10. Examples of Marketing Concepts http://www.youtube.com/watch?v=l4seWLW2KhQ&feature=player_embedded

  11. Number 1 What (Who) is a Customer?

  12. A customer? Who are we talking about? Not always clear:

  13. Who is a customer? Take a piece of paper and answer the following questions:

  14. Who is a customer? 1. Is a student a customer?

  15. Who is a customer? 1. Is a student a customer? 2. In what ways are they a customer?

  16. Who is a customer? • Is a student a customer? • 2. In what ways are they • a customer? • 3. In what ways are they • not • a customer?

  17. Is a student a product?

  18. Is a student more like a patient?

  19. Is the student a partner?

  20. Further: Practically no one tries to sell to everyone……

  21. Why?

  22. Because: Not everyone is a Customer!

  23. Markets are segmented:

  24. Practically no one tries to sell to everyone…… Markets are segmented: 80/20 Rule Demographics Psychographics Needs/Wants Needs are: Wants backed by resources!

  25. IS the customer always RIGHT?

  26. Is the customer always right? NO! “The cliché is wrong. The right customer is always right. The wrong customer, is not right for the selling company.” Jeffrey J. Fox

  27. Okay Customers are: Profitable Loyal Spreads positive WOM Gives positive referrals

  28. Okay customers can: also be: Tough, exacting, impatient, challenging, fickle, exasperating, needy, insistent, and a pain in the neck.

  29. Not Okay customers are: • “Difficult” • The service provider doesn’t care about them • 2. The service provider isn’t listening to them • 3. The service provider isn’t doing anything to resolve • the problem • 4. They have been victimized, unfairly treated • or taken advantage of • 5. The service provider gives the customer the • run-around • 6. Promises are not kept

  30. Not Okay customers are: About 3% of the population is clinically insane

  31. Not Okay customers are: About 3% of the population is clinically insane Another 40% is neurotic…………

  32. And we just don’t all agree on things. http://www.expedia.com/pub/agent.dll/qscr=dspv/htid=11379/crti=7/hotel-reviews

  33. Low High PROFITABLE Customer Misfits Spinners Big Spenders Underachievers Low LOYAL Win-Back Cust New Potentials Advocates Loyalists High

  34. Student evaluation of teaching taken at random from the internet as an example. Teacher A (picked at random… named Smith) Student 1 “I am still extremely disappointed I took this class. I took it as an elective just because I thought it would be interesting... wrong teacher. The tests were so hard; I'm a straight A student and ended up with my first B. Don't take him…”

  35. Teacher A Student 2 “I like her as a person ,however, I wasn't very fond of her teaching style. The last month all we did was presentations and were left on our own. If you don't learn well this way, don't taker her. Otherwise she is pretty good.”

  36. Teacher A Student 3 “HE is a guy. His name is Roland Acosta. He's actually pretty good, but his classes take FOREVER. Bring a laptop or small GameBoy and you will be fine.”

  37. Is Teacher A: a good teacher, or a bad teacher….

  38. Is Teacher A: For that matter: a man or a women?

  39. Types of “difficult” customers • Verbal abusers • Blamers • Rule Breakers • Opportunists • Returnaholics Berry, L.L, and Seiders, K. (2007) “A Cognitive-emotional Theory of Customer Injustice and Emotional Labor.” Advances in the Psychology of Justice and Affect. (D. De Cremer, Ed.), 199-226.

  40. Not Okay customers are: (bottom line) Unprofitable: i.e., not worth the price you are paying.

  41. The wrong customer is wrong.

  42. Actually…. All Businesses have Partners:

  43. Partners: Customers Competitors Employees Governments Society The Media To be successful: All of these must be kept happy!

  44. Number 2 The Importance of a Customer Orientation

  45. Clayson’s Simple Definition: • “Marketing is arranging a buyer for a seller.” • This means: • Marketing is the process of creating • satisfying exchanges. • 2. Wealth is created through free exchanges.

  46. Marketing Concept: “All marketing strategies should be based on known consumer needs and/or wants.”

  47. Extension: “All firms and companies have the same product… that is, a customer.” Implications…………..

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